David

David Delainey, the former CEO of Enron North America and Enron Energy Services, Thursday agreed to enter a guilty plea in connection with criminal charges brought by the U.S. Department of Justice. Delainey, who also agreed to cooperate with the continuing investigation, also settled Security and Exchange Commission (SEC) allegations without admitting or denying any wrongdoing in manipulating his former company’s earnings statements.

Newfield Exploration CEO David A. Trice told analysts Thursday that the company will meet its production targets for the year. “We think that the consistency of our performance and track record sets us apart from our peers and competitors,” said Trice. “We are in the planning process for 2004 at this time and will publish specific 2004 guidance in February 2004. Our current outlook calls for 2-5% organic growth in 2004. With some significant wells coming on line in the fourth quarter of 2003, and increased drilling activity in our onshore areas, we expect our gas production to exit 2003 at about 525 MMcf/d and oil production to end the year at about 16,000 b/d, reflecting the sale of Australia [assets].” Trice also stated that year-to-date 2003, Newfield has replaced its production with the addition of new reserves in all domestic focus areas. Newfield’s areas of operation include the Gulf of Mexico, the onshore U.S. Gulf Coast, the Anadarko and Arkoma Basins and select international ventures.

David Tuer, the former CEO of PanCanadian Energy Corp., who helped lead the company toward its profitable spinoff as North America’s largest independent producer, is taking the reins of a small investor group to transform a bankrupt Calgary-based pharmaceutical research company into an oil and gas enterprise — with a particular focus on natural gas.

David Tuer, the former CEO of PanCanadian Energy Corp., who helped lead the company toward its profitable spinoff as North America’s largest independent producer, is taking the reins of a small investor group to transform a bankrupt Calgary-based pharmaceutical research company into an oil and gas enterprise — with a particular focus on natural gas.

Oneok Inc. has named its new Texas gas distribution business Texas Gas Service Co. Oneok acquired the assets in October and expects to close the deal on Jan. 1. Oneok CEO David Kyle said Roger N. Mitchell will become president of the new subsidiary once the acquisition is completed. Mitchell currently is vice president for the eastern region of Oneok’s Oklahoma gas distribution business, Oklahoma Natural Gas Co. “The Texas company has provided gas service to its communities for 75 years, and the same employees who provided service prior to the changeover will remain in the communities providing service as we move forward together,” said Mitchell. Oneok is purchasing the Texas assets from Southern Union Gas. The new Texas Gas Service Co. serves 535,000 customers in cities throughout Texas. With its move into Texas gas distribution service, Oneok will serve a total of 1.96 million customers. National Fuel Gas Co.

Another day, another corporate scandal. On Thursday, the target was Westar Energy Inc. Chairman David Wittig, who was indicted by a federal grand jury on charges of money laundering, conspiracy and four counts of submitting false books to a federally insured bank in Topeka, KS.

Another day, another corporate scandal. On Thursday, the target was Westar Energy Inc. Chairman David Wittig, who was indicted by a federal grand jury on charges of money laundering, conspiracy and four counts of submitting false books to a federally insured bank in Topeka, KS.

CMS Energy Corp. COO David Joos reassured analysts last week that despite a downgrade by Moody’s Investors Service and the unexpected withdrawal of Arthur Andersen LLP to complete urgently needed financials for its bank refinancing due today (June 17), the company has enough liquidity through at least mid-July, and even longer if other assets such as the Panhandle Eastern Pipe Line Co. subsidiary have to be tapped for loans.

Fired Arthur Andersen auditor David Duncan, who managed the Enron Corp. account in Houston, will be “the man of the hour” at the House Energy and Commerce subcommittee on oversight and investigations’ hearing Thursday on the accounting firm’s shredding of Enron-related records, said Subcommittee Chairman James Greenwood (R-PA).